Categories: FinanceNewsTechnology

European Central Bank Addresses Cybercrime Threat With A Database Solution

Cybersecurity is becoming a grave concern for anyone involved in the financial industry these days, as traditional solutions are no longer sufficient. The European Central Bank wants to set up a database registering all cybercrime incidents taking place at commercial banks.

European Central Bank Still Doesn’t Get It

Rather than looking at solutions to ensure cybercrime cannot take place to begin with, the European Central Bank wants to create a database cataloging all cyber attacks against commercial banks. This should effectively create an early warning and analysis system for big lenders, although it remains to be seen how this will work exactly.

Given the recent attacks against the SWIFT payment network, it has become apparent a solution needs to be created to ensure the safety of banks against cyber crime. However, implementing these solutions is a lot easier for bigger banks compared to their smaller counterparts, due to budgeting and having the right personnel on the job.

This is not the first venture by the European Central Bank into the world of cyber security, as they have run a pilot project since February of 2016. Together with 18 of the larger Eurozone banks, the plan is to roll out this database system on a larger scale at some point in 2017, although no official date has been announced yet.

Collecting information on significant cybercrime is important to devise new strategies preventing similar attacks in the future. The European Central Bank hopes to wield this technology so they can spot patterns and warn other ECB-supervised institutions of emerging threats. How well this solution will work in the end, remains to be seen.

The best course of action for the European Central Bank would be to ensure all of the Eurozone banks have proper security measures in place to begin with. However, doing so will cost a lot of effort, time, and money, which the ECB does not seem willing to spend. This seems to be yet another solution that will not do much in the long run, as it does not prevent the actual attacks from happening.

Source: Business Insurance

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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